Silver ETF Guide: Navigating 10 Investment Options Tailored to Your Strategy in 2025

Silver has emerged as a compelling asset for portfolio diversification in 2025, as the precious metal shattered its historical ceiling of US$49.95 (established in 1980) to reach a remarkable US$58.83. This surge reflects renewed investor interest driven by geopolitical instability, economic uncertainty stemming from trade policy shifts, and heightened industrial demand entering the final quarter of the year. For those seeking exposure to silver without the complexities of physical storage or futures trading, exchange-traded funds (ETFs) present an accessible pathway into this precious metals market.

Understanding Silver ETFs: Why They Matter for Modern Investors

While gold has traditionally dominated precious metals conversations, silver has historically offered a more affordable entry point due to its lower per-ounce valuation. Yet until recently, silver’s returns have trailed significantly behind gold’s performance over multiple years. This dynamic changed in 2025, as the metal captured substantial gains amid geopolitical tensions and policy-driven market volatility.

Investors can pursue silver exposure through multiple channels—physical bullion, futures contracts, or individual mining company stocks—each carrying distinct risk profiles and operational demands. Silver ETFs bridge these approaches, functioning as pooled investment vehicles similar to mutual funds but with the trading flexibility of exchange-listed stocks. Unlike individual securities, ETFs provide built-in diversification and professional management with regular rebalancing, creating a more stable investment framework while maintaining the liquidity and accessibility of equity markets.

The silver ETF landscape splits into two primary categories: instruments tracking the underlying commodity price, and those concentrating on mining, royalty, and exploration equities. Understanding these distinctions proves essential for aligning your investment vehicle with both your market outlook and risk comfort level.

Five Silver ETFs Tracking the Metal’s Direct Price Performance

1. iShares Silver Trust (ARCA:SLV)

This dominant player commands US$26.33 billion in total assets with a unit price of US$51.21. The fund benchmarks itself against the London Bullion Market Association silver rate, delivering straightforward commodity exposure. Housing 508 million ounces of physical silver bullion, the iShares Silver Trust operates as a trust structure rather than a registered investment company, placing it outside standard mutual fund and ETF regulatory frameworks—a distinction investors should understand before committing capital.

2. Sprott Physical Silver Trust (ARCA:PSLV, TSX:PSLV)

Managing US$11.61 billion with units trading at US$18.65, this vehicle appeals to investors seeking tangible metal backing without storage headaches. The trust secures 191.12 million ounces in London Good Delivery bars under full allocation. A distinctive feature: the ETF permits conversion into physical silver upon request, though redemptions require holdings equivalent to ten 1000-ounce bars—a practical threshold for serious collectors and institutions rather than casual investors.

3. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)

Total assets reach US$3.71 billion with shares priced at US$53.71. This ETF aims to replicate silver price movements minus operational costs, charging a modest 0.3 percent expense ratio. Holding 45.51 million ounces in JPMorgan Chase’s secured London vault, the Aberdeen Standard structure mirrors the iShares model, offering investors another regulatory-light option for direct metal exposure.

4. ProShares Ultra Silver ETF (ARCA:AGQ)

Launched in 2008, this fund manages US$1.33 billion (current unit price: US$107.32) through a leveraged approach—specifically, it targets twice the daily performance of the Bloomberg Silver Subindex via derivatives and futures. Suited exclusively for bullish traders capable of active portfolio monitoring, the 0.95 percent expense ratio reflects the fund’s derivative-heavy strategy. Daily rebalancing means this instrument functions best for tactical positions rather than long-term holdings.

5. ProShares UltraShort Silver ETF (ARCA:ZSL)

Holding US$73.71 million in assets with units at US$9.51, this inverse fund delivers negative two times daily index performance—essentially a bearish hedge. Launched alongside ProShares Ultra Silver in late 2008, the 0.95 percent fee applies here as well. This instrument targets experienced traders with substantial risk capacity and the discipline to monitor positions continuously; it serves hedging purposes rather than core portfolio holdings.

Five Silver ETFs Providing Exposure to Mining Equities

1. Global X Silver Miners ETF (ARCA:SIL)

This US$3.93 billion portfolio (unit price: US$77.66) grants investors a diversified basket of precious metals and royalty companies. The structure enables portfolio managers to capture upside from operational leverage—mining companies often appreciate faster than spot metal prices during bull markets—while distributing company-specific risks across multiple operators. The 0.65 percent expense ratio funds this diversification. Top positions include Wheaton Precious Metals (22.5%), Pan American Silver (12.3%), and Coeur Mining (8.1%), balancing established producers with mid-tier operators.

2. Amplify Junior Silver Miners ETF (ARCA:SILJ)

Positioned as the inaugural ETF exclusively targeting small-cap miners, this US$2.97 billion fund (US$26.09 per unit) tracks companies with smaller market capitalizations and higher growth potential. The 0.69 percent expense ratio reflects active index management across North American and UK-listed firms. Holdings feature Hecla Mining Company (11.3%), First Majestic Silver (10.3%), and Coeur Mining (8.7%)—operators positioned for meaningful scale-ups as industry consolidates and silver demand strengthens.

3. iShares MSCI Global Silver Miners ETF (BATS:SLVP)

Managing US$630 million with units priced at US$31.59, this vehicle targets globally-listed mining and exploration equities with the lowest expense ratio among pure-play mining funds at 0.39 percent. Approximately 69 percent of holdings trade on Canadian exchanges, with US and Mexican bourses comprising 27 percent. Primary positions include Hecla Mining (15.5%), Industrias Peñoles (11.7%), and Fresnillo (10%), providing geographic and operational diversification.

4. Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR)

A newer entrant launched in January 2025, this US$453.7 million fund (unit price: US$51.31) uniquely blends physical metal holdings with mining equities, distinguishing itself from peer mining-focused vehicles. The 0.65 percent management fee funds this hybrid approach. Second-largest holding is Sprott Physical Silver Trust itself (14.3%), while First Majestic Silver dominates at 27.12% and Endeavour Silver contributes 10.6%, creating layered commodity and equity exposure.

5. Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG)

The newest offering, established February 2025, this US$134.42 million portfolio (US$41.18 per unit) pursues a dual-metals equity strategy through active management. Rather than tracking an index passively, the fund’s managers conduct frequent portfolio rebalancing to maximize return potential. Current weightings include OceanaGold (4.32%), G Mining Ventures (4.18%), and Equinox Gold (4.16%), with a 0.89 percent management fee supporting active oversight.

Selecting Your Silver ETF Strategy

Both commodity-tracking and mining equity ETF categories serve distinct investor profiles: direct metal ETFs suit those betting on silver price appreciation while avoiding operational or geographic risks inherent to mining companies. Mining-focused funds appeal to investors seeking leveraged exposure—mining profits often expand disproportionately when commodity prices rise—alongside dividend income certain operators distribute.

Expense ratios, which typically range from 0.3 to 0.95 percent annually, merit careful consideration given long-term compounding effects. Liquidity varies significantly; larger vehicles like SLV trade millions of shares daily, while smaller funds may experience wider bid-ask spreads. Your investment timeline, risk tolerance, and belief in silver’s directional prospects should ultimately guide your selection among these diverse options.

Updated analysis incorporating 2025 market developments and recent ETF launches.